Bitcoin Reaches Abysmal Low at $7800

With an overall downtrend, it is likely to fall to the support of 7,500 USD and 7,300 USD.

Bitcoin gets hit by a roadblock and the value has fallen by 4.6% over the last 24 hours, trading as low as 7,700 USD manifesting a new 90-day low. There is an ongoing downtrend in the price movement of BTC.

Bitcoin Price Analysis

Bitcoin opened the day at 8,176 USD and soon it fell by 3.15% to reach 7,918 USD by 06:49 UTC. This fall was followed by a hike of 1.86% which pushed the value to 8,066 USD. Later, the value weakened and reached 7,785 USD marking the lowest point for Bitcoin for the day. The last variation happened between 21:38 UTC and 01:31 UTC wherein the price declined by 1.55% and placed the final value near 7,800 USD.

The market cap also has taken a downward step and in the last 24 hours, it has gone to 142.5 USD from 143.6 billion USD. Also, it should be noted that the market cap stood at 146.2 billion USD on 5th October.

Bitcoin has been struggling with a constant downtrend since past two weeks which makes it obvious to find the 50-day average above the 20-day average line. However, the current trend is going well below the two lines and it shows the upcoming trouble for BTC price. With no signs of recovery, it may find the support of 7,700 USD, 7,500 USD and $7,300 USD soon.

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.